MaGo – spin-off – terms
MaGo – Insurance Outsourcing- In this post, the term “spin-off” is used interchangeably with the term “outsourcing”, both terms are used synonymously in legal sources. Further outsourcing from one service provider to another service provider is referred to as sub-delegation. Pursuant to § 7 No. 2 VAG, a defining feature...
Author: p400123
MaRisk 6.0: Stricter requirements for contingencies. From the ICT guidelines, requirements for contingency management are implemented in the revised section AT 7.3. For all time-critical activities and processes identified as part of an impact analysis to be carried out, risk analyzes must first be carried out. The contingency plan must show...
BaFin requirements for monitoring systems AMLA: The requirements for monitoring systems are specified in Chapter 6 of the interpretation notes of the BaFin special section for credit institutions. These interpretative notes also have an impact on other obliged entities within the meaning of the AMLA.
What requirements does BaFin place on the...
KYC as a Service: Meet German KYC requirements
Take control of your compliance processes with S+P KYC Service. By letting us take on the tedious task of customer identification and verification, you can focus your resources where they are needed most. Trust in our expertise and make KYC our business.
Efficiency through outsourcing:...
Who is liable for poor compliance?In BaFin’s April 2021 technical article, key points regarding liability in the event of a compliance violation were regulated. With S+P Compliance News you will receive the following BaFin interpretations:
#1 Does a board member have to fulfill all compliance duties himself?
#2 Who is the “legal...